Common Bankruptcy Myths

Learn the Truth from Our Boca Raton Bankruptcy Attorney

Don't fall for common myths about bankruptcy. Filing for bankruptcy
is a viable debt relief option for many people. Individuals often miss
out on financial relief and continue to suffer under crushing debt because
they do not fully understand the truth about bankruptcy. On this page,
our Boca Raton bankruptcy attorney at the Law Offices of David Kovari,
P.A. separates fact from fiction.

Some of the most prevalent myths about bankruptcy include the following:

After bankruptcy, I'll never have good credit. This isn't true. By taking careful steps and making smart financial
choices consistently after declaring bankruptcy, you can rebuild your
credit within a matter of years or months. Our attorney helps educate
people about credit restoration and life after bankruptcy. It's all
part of our commitment to helping our clients succeed financially.

Bankruptcy means financial failure. Many people fall into deep debt due to some unforeseen circumstance, such
as a medical emergency or an unfortunate death in the family. A lot of
our clients are hard-working people who have encountered hard times. Bankruptcy
is an honest solution for families to have that second chance at life.

Everyone will know that I filed bankruptcy. While this information is technically public information, no one will
know unless they purposefully dig through public files. The only people
who should know are the ones you decide to tell.

I'll lose all of my assets when I file bankruptcy. Chapter 7 or straight / liquidation bankruptcy means dissolving assets
in order to pay off loans. There are, however, numerous exemptions-meaning
property or assets protected from liquidation. In most cases, a good lawyer
can help you avoid losing most if not all of your assets. Chapter 13 or
reorganization bankruptcy does not require any kind of asset liquidation.
Some debts are discharged while the rest is reorganized into manageable
payments over a longer period of time. You may qualify for Chapter 13
bankruptcy if you do not meet the income limitations of Chapter 7 bankruptcy.

The information on this website is for general information purposes only.
Nothing on this site should be taken as legal advice for any individual
case or situation. This information is not intended to create, and receipt
or viewing does not constitute, an attorney-client relationship.